Hi,
I am using Turbotax to file returns.
(1) In my TFSA account, I have 3yr GIC (started in 2014 when I wasn't US resident) which matured in 2017 (when I was a US resident). In my US income tax return for 2017, do I report the total interest received in 2017 (from 3years) or split it across 3years and report for 1 year i.e. 2017.
(2) If I don't make contribution nor get distribution from TFSA account, do I still need to report my TFSA account in 3520/3520-A? I only have interest income that is within TFSA account. Do I have to declare the interest in TFSA account as my income?
(3) How should I report interest received in RRSP account? (I have reported the account in Form 8938 Part VI, lines 1 thru 6 and line 8 except line 7)
Thank you very much for your help,
Sam
Reporting interest in RRSP
Moderator: Mark T Serbinski CA CPA
Interest in RRSP
Hi Nelsona,
I would really appreciate your guidance here. I am sorry if these questions have come up before but I cannot seem to find them.
Thank you,
Sam
I would really appreciate your guidance here. I am sorry if these questions have come up before but I cannot seem to find them.
Thank you,
Sam